By Rebecca Melvin
New York, Sept. 18 – Ukraine’s Metinvest BV priced $333 million of 7.65% seven-year notes (B/BB-) at 98.429 to yield 7.95%, or a spread of U.S. Treasuries plus 748.2 basis points, according to a market source.
The order book stood at more than $1.6 billion when the deal was launched on Thursday.
The notes are callable for a make-whole premium of Treasuries plus 50 bps.
Deutsche Bank AG, Intesa Sanpaolo, Natixis and RBI were bookrunners of the Rule 144A and Regulation S notes.
The proceeds will help fund the payment of a tender offer for the company’s 2021 and 2023 notes and consent solicitation consideration on the 2021 notes, to redeem any 2021 notes that remain outstanding, to repay some of the group’s other debt, for general corporate purposes and to pay or reimburse certain transaction costs and expenses.
Metinvest is a Donetsk, Ukraine-based holding company of a group of mostly Ukrainian steel and mining assets.
| Issuer: | Metinvest BV
|
| Issue: | Senior notes
|
| Amount: | $333 million
|
| Bookrunners: | Deutsche Bank AG, Intesa Sanpaolo, Natixis and RBI
|
| Maturity: | Oct. 1, 2027
|
| Coupon: | 7.65%
|
| Price: | 98.429
|
| Yield: | 7.95%
|
| Spread: | Treasuries plus 748.2 bps
|
| Calls: | Callable for make-whole premium of Treasuries plus 50 bps
|
| Pricing date: | Sept. 17
|
| Settlement date: | Oct. 1
|
| Expected ratings: | S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
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